France Woos Brexit Exiles With Tax Changes, Expat School
French Prime Minister Edouard Philippe detailed new measures, seeking to attract investors and expats to Paris as financial firms leave post-Brexit London.
Measures will include a new school for expat children, the possibility of including financial goodwill in the amortization tax regime and the capping of the tax at 30 percent on the so-called carried interest of investment funds relocating to France. Rules on the opening or expansion of clearing businesses will be eased this year, according to the prime minister’s office.
Philippe detailed the measures in a speech at the Paris Europlace conference on Wednesday. Earlier this year, French President Emmanuel Macron wooed executives including Google Inc. CEO Sundar Pichai and Facebook Inc. Chief Operating Officer Sheryl Sandberg at the Palace of Versailles in an effort to get them to invest more in the country.
Financial institutions such as JPMorgan have signaled they may move staff from London, mostly in market activities, as part of post-Brexit adjustments. The European Banking Regulator is slated to move to Paris as the U.K. exits the European Union.